According to TD Cowen, the Senate Banking Committee’s scheduled vote on the Clarity Act on May 14 does not guarantee the crypto market structure bill will become law. Jaret Seiberg, managing director at TD Cowen’s Washington Research Group, said on Monday that the vote represents a shift of the legislative fight to the full Senate rather than an indication of a deal. Major obstacles persist, including unresolved policy differences on stablecoin yield treatment between crypto interests and banks, as well as ethics and conflict-of-interest provisions that Democrats demand. Seiberg noted that even if the Banking Committee passes the bill, the full Senate must reach agreement with 60 votes required for passage, and the vote must occur before the August recess for the bill to be enacted this year.
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